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Public Outrage in Iraq Over Harsh Reform Measures

Monday, 21 December, 2020 - 08:45
Money-changer in Baghdad currency market on Sunday, December 20, 2020 (Reuters)
Khartoum - Ahmad Youness
Iraqi Prime Minister Mustafa al-Kadhimi’s government has announced a reform package that seemed for many observers and economic experts a “leap into the unknown” as part of the government’s efforts to reform the country’s ailing economy.
On Saturday, the Central Bank said it will devalue the Iraqi dinar by over 20 percent, a measure that has sparked public outrage as the government struggles to cover its expenses.
The CB increased the sale price of US dollars to banks and currency exchanges to 1,460 dinars, from 1,182 dinars, seeking to compensate for a decline in oil revenue due to low crude prices. ....

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Iraq devalues national currency over economic crisis

Iraq devalues national currency over economic crisis
Iraq devalues national currency over economic crisis
Last Updated: Sun, Dec 20th, 2020, 10:54:07hrs
Baghdad, Dec 20 (IANS) The Central Bank of Iraq (CBI) said that it has decided to reduce the value of the Iraqi dinar against the US dollar due to the economic crisis that resulted from the decline in oil prices and the coronavirus pandemic.
A CBI statement said that it decided to reduce the value of the Iraqi dinar to be 1,450 dinars per $1 in the central bank, instead of its previous price of 1,119 dinars per dollar, reports Xinhua news agency.
The exchange rate of the dollar will reach 1,470 dinars in the local market, the statement said. ....

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Iraqi PM warns of state collapse without financial reform

Iraqi PM warns of state collapse without financial reform
By
IANS
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Published on
Sun, Dec 20 2020 11:33 IST
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Iraqi Prime Minister Mustafa al-Kadhimi.. Image Source: IANS News
Baghdad, Dec 20 : Iraqi Prime Minister Mustafa al-Kadhimi has warned of a collapse of the social and political systems and overwhelming chaos without a financial reform in the country.
Al-Kadhimi made his comments during an extraordinary session of the Iraqi cabinet on Saturday to discuss the federal budget for the fiscal year 2021, which came after the Central Bank of Iraq (CBI) decided to devaluate the national currency due to the economic crisis that resulted from the decline in oil prices and the coronavirus pandemic, reports Xinhua news agency. ....

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Iraq devalues national currency against US dollar over economic crisis

Abu Dhabi: The Central Bank of Iraq (CBI) said Saturday that it has decided to reduce the value of the Iraqi dinar against the US dollar due to the economic crisis that resulted from the decline in oil prices and the coronavirus pandemic, local media reported.
A CBI statement said that it decided to reduce the value of the Iraqi dinar to be 1,450 dinars per one US dollar in the central bank, instead of its previous price of 1,119 dinars per dollar.
The exchange rate of the dollar will reach 1,470 dinars in the local market, the statement said.
The CBI attributed the decision to the financial crisis that resulted from the decline in oil prices and the coronavirus pandemic, which led to a large deficit in the state budget, forcing the government to borrow money from banks to pay salaries and to cover other expenses, according to the statement. ....

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